May 5, 2009 - A recent report by Real Estate Investment Network (REIN) named Surrey the number one town in British Columbia to invest in. Upon closer inspection, all the essentials are there - strong employment, positive migration, low vacancy and high rents.

Don Campbell, president of Calgary-based REIN, says there were several contributing factors that led to Surrey's selection. "We can sum up Surrey's predominant position with a simple statement," he says. "Massive transportation improvements, affordability, diversity of economy and populous combined with a political leadership that is pro-active in making their economy work for all their citizens."

The city is determined to establish two municipal economic investment zones, with tax incentives, as part of a plan that is aimed at attracting new investors and job growth within the area.

The two zones include the City Centre and the Bridgeview-South Westminster neighbourhoods, where 100% of city taxes will be eliminated for a period of three years in the hopes of new business development. Any major projects in these areas will receive 50% off building permit fees, and within the City Centre will also receive a 33% reduction in their development cost charges (DCC).

Mayor Dianne Watts outlined a six-point Economic Investment Action Plan in March. The strategy includes: $465 million in existing and expanded capital infrastructure projects, creating an excess of 4,000 jobs, a business retention and expansion program aimed at local businesses, and up to $10 million from the City of Surrey to make business lands 'building permit ready.'

You can read the entire article (which includes details on each town from the report) in the May issue of Canadian Real Estate, currently on newsstands.